Breaking News
Home / Business / Bitcoin Craze or Crazy – A novice’s take on the bitcoin buy in

Bitcoin Craze or Crazy – A novice’s take on the bitcoin buy in

I am very much a novice when it comes to cryptocurrency and certainly not qualified to advise in this matter. Therefore my suggestions are not based on anything but unqualified speculation and my own experience, such that it is.

However, I have done research. If you’re new to Bitcoin and you’d like to test the waters, buying low is better — in both unit price and investment. But always do your own research.

Is it a good time to buy overall? Maybe. Many people in the know think cryptocurrency is a good investment and is not going away. If you do, start small— $10, $20. See how it goes. Get used to tracking it. Bitcoin unit value goes up and down constantly. Sometimes second by second. Because of this, it’s best to invest only what you can afford to lose.

Bitcoin buy-in was the lowest I’d seen since I started in early February [0.00045264/bitcoin] on 3/9/2018 10:45:00 A.M.] During this short time my tiny investment went from buy in price to below, then the same price, then higher, and now the same again. So you see just how crazy it is.

As you use the “exchange” procedures, you will become more comfortable. [See footnote*].  The exchange I use is Coinbase. I have no recommendation as to how good it is. Again I researched and found that at the time it was highly customer rated. Since then its had some negative press due to software issues that affected some customers negatively financially. My understanding is that those issues have since been rectified. This is just one reason to check your activity regularly. Also exchanges charge a transaction fee that varies by exchange. They also vary as to what currency they transact. [See footnote**]

You need to monitor regularly to see if you should buy more when value is low, or whether you want to sell if the then current value gives you a good return. This way you can invest elsewhere, or buy different currencies to diversify your crypto investments.

Even though my investment is so small as to be practically nonexistent, I think it is fun to track and be involved in the crypto currency business. I can brag,”Oh yeah, I’ve been in crypto for awhile now.” Ha ha.

Final thoughts: RESEARCH RESEARCH RESEARCH. You alone are responsible for your decision as to whether to play in the crypto craze. 

→PJH  SavvySauce.com        

__________________________________________________________________

*A place to buy and sell crypto currency including Bitcoin.

**FYI: There are many types of crypto currencies. Bitcoin is but one and is the most popular. It was here from the beginning, starting this crypto currency business. As such, it serves as a sort of baseline analysis for this industry, including other currencies. Again, research is needed to determine which crypto currency is best for you.

Helpful links:

The links below will only bring on more questions if you are a novice. They are just examples, with no recommendations attached. They illustrate just how much and what kind of tutorial information is available on the world wide web.

http://fortune.com/2018/01/03/bitcoin-buy-how-to-cryptocurrency/

https://stansberrychurchouse.com/bitcoin-beginners-guide

© 3/2018 – All Rights Reserved

About PamTroy

Leave a Reply

Your email address will not be published. Required fields are marked *